Yes, it is embarrassing for an entrepreneur when their business fails but there is a positive side to failure.
Firstly, analysis of what went wrong will ensure the mistake is never made again.
Secondly, sharing the mistakes will enable other entrepreneurs and start-ups to learn and help them to eliminate potential flaws in their own plans.
There is now a global movement, with more than 250 cities now participating which showcases how entrepreneurs and other business leaders have failed and then recovered.
That can only be positive news for other would-be entrepreneurs.
The idea is that it is cathartic to talk about such things, and everyone in attendance can learn from the mistakes, and ask questions.
It is not only useful for tech entrepreneurs, who tend to make up the majority of failures.
There are many reasons why a business might fail and the more willing people are to be open about their mistakes the less chance there is of others making the same mistakes.
You don’t have to re-invent the wheel to be a successful entrepreneur.
If you want to talk over an idea contact K2 Business Partners who have expertise in successful turnaround and business advice.